BLT-owned Stamford office complex awaits transformation

Updated 5:52 pm, Sunday, August 13, 2017

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

Photo: Michael Cummo / Hearst Connecticut Media

Image 2 of 39

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

Photo: Michael Cummo / Hearst Connecticut Media

Image 3 of 39

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

Photo: Michael Cummo / Hearst Connecticut Media

Image 4 of 39

The Silicon Harbor complex at 1 Elmcroft Road is owned by Building and Land Technology, in Stamford, Conn. on Monday, July 31, 2017.

The Silicon Harbor complex at 1 Elmcroft Road is owned by Building and Land Technology, in Stamford, Conn. on Monday, July 31, 2017.

Photo: Michael Cummo / Hearst Connecticut Media

Image 5 of 39

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

The Silicon Harbor complex at 1 Elmcroft Road in Stamford is owned by Building and Land Technology.

Photo: Michael Cummo / Hearst Connecticut Media

Image 6 of 39

The Silicon Harbor complex at 1 Elmcroft Road, in Stamford, is owned by Building and Land Technology.

The Silicon Harbor complex at 1 Elmcroft Road, in Stamford, is owned by Building and Land Technology.

Photo: Michael Cummo / Hearst Connecticut Media

Image 7 of 39

Image 8 of 39 |
Towne Center in Shelton

Towne Center at Shelter Ridge, a planned community with apartments, retail, restaurants and possibly a medical building and assisted-living center proposed for Bridgeport Ave. in Shelton. Click ahead to see how Fairfield County will look in the next few years. less

Towne Center at Shelter Ridge, a planned community with apartments, retail, restaurants and possibly a medical building and assisted-living center proposed for Bridgeport Ave. in Shelton. Click ahead to see how ... more

Photo: Contributed Photo / Contributed Photo

Image 9 of 39 |
The Streetscape project in Brookfield

The first phase of the Streetscape project and creation of the Brookfield Town Center is underway at the Four Corners.

Bridgeport Landing Development is redeveloping Steelpointe Harbor and creating space for restaurants, small apparel shops, and salons. A luxury movie theater was originally planned, but now Bridgeport Landing is negotiating with two smaller theaters. Completion date: 2018Source: ctpost.com less

Bridgeport Landing Development is redeveloping Steelpointe Harbor and creating space for restaurants, small apparel shops, and salons. A luxury movie theater was originally planned, but now Bridgeport Landing ... more

Photo: Brian A. Pounds / Brian A. Pounds

Image 13 of 39 |
Charter Oak Communities in Stamford

Park 215, the latest Charter Oak Communities construction project, a five-story, 78-unit apartment complex on the West Side, is underway. The complex is a mixed-income residential development of 47 affordable units and 31 market-rate units, with a mix of one- and two-bedroom apartments.

Park 215, the latest Charter Oak Communities construction project, a five-story, 78-unit apartment complex on the West Side, is underway. The complex is a mixed-income residential development of 47 affordable ... more

Photo: Contributed Rendering

Image 14 of 39 |
Assisted living center in Fairfield

Benchmark Senior Living recently completed the first phase of construction for an assisted living center at 400 Mill Plain Road in Fairfield. Sturges Ridge of Fairfield will have 68 apartments with assisted living services, and 20 designed for those requiring care for dementia. Completion date: September 2018Source: ctpost.com less

Benchmark Senior Living recently completed the first phase of construction for an assisted living center at 400 Mill Plain Road in Fairfield. Sturges Ridge of Fairfield will have 68 apartments with assisted ... more

Photo: /

Image 15 of 39 |
Home Depot in Stamford

Construction of a Home Depot center is underway at 1937 W. Main St. on the west side of Stamford.

The Cappelli Organization is building two luxury housing towers containing 40,000 square feet of retail and restaurants near the site of the historic downtown post office in Stamford.Planned for 2018Source: Stamford Advocate less

The Cappelli Organization is building two luxury housing towers containing 40,000 square feet of retail and restaurants near the site of the historic downtown post office in Stamford.Planned for 2018
Source: ... more

Photo: Contributed Photo

Image 17 of 39 |
New Lebanon School in Greenwich

With a new budget and funding in place, the new New Lebanon School, a $37-million project, could finally be materializing in Byram. Surveying should begin later this November.

The state has plans to renovate Interstate-95 in Greenwich. The project, estimated at $158 million, would include resurfacing, a bridge rehabilitation, a new median barrier, drainage improvements and new lights in both directions.

The state has plans to renovate Interstate-95 in Greenwich. The project, estimated at $158 million, would include resurfacing, a bridge rehabilitation, a new median barrier, drainage improvements and new lights ... more

Photo: Bob Luckey Jr. / Hearst Connecticut Media

Image 23 of 39 |
Downtown West in Bridgeport

Bridgeport Neighborhood Trust plans to build units of housing and commercial space in an area of the city it has dubbed Downtown West. Completion date: 2020Source: ctpost.com

Bridgeport Neighborhood Trust plans to build units of housing and commercial space in an area of the city it has dubbed Downtown West. Completion date: 2020
Source: ctpost.com

Photo: Contributed Photo

Image 24 of 39 |
An apartment complex in Trumbull

Continental Properties, which opened the Mark apartments in Shelton last year, plans to start construction on a 200-unit apartment building in Trumbull.Completion date: 2021

Planning for a $640 million project to rebuild a stretch of I-84 began in December 2016, but construction may not start until 2022.Source: News Times

Planning for a $640 million project to rebuild a stretch of I-84 began in December 2016, but construction may not start until 2022.
Source: News Times

Photo: H John Voorhees III / Hearst Connecticut Media

Image 29 of 39 |
The Poli Palace and Majestic theaters in Bridgeport

New York City-based Exact Capital plans to renovate Bridgeport's Poli Palace and Majestic theaters and the former Savoy Hotel. The developer also proposed to build new residential towers. Construction is expected to begin in summer 2018.Source: ctpost.com less

New York City-based Exact Capital plans to renovate Bridgeport's Poli Palace and Majestic theaters and the former Savoy Hotel. The developer also proposed to build new residential towers. Construction is ... more

Photo: Ned Gerard / Hearst Connecticut Media

Image 30 of 39 |
Grist Mill Village in Norwalk

Against the backdrop of the Merritt 7 Corporate Park in Norwalk, crews prepare for the planned Grist Mill Village apartments. Developer Building and Land Technology is constructing the residential development after demolishing the former headquarters of U.S. Surgical.

Against the backdrop of the Merritt 7 Corporate Park in Norwalk, crews prepare for the planned Grist Mill Village apartments. Developer Building and Land Technology is constructing the residential development ... more

Photo: Alexander Soule / Hearst Connecticut Media

Image 31 of 39 |
Boccuzzi Park in Stamford

A conceptual rendering by Stantec Consulting Services shows the potential appearance of the Boccuzzi Park waterfront after a project to expand the beach area of the 12-acre city park.

The Stamford train station would replace the existing 1985 parking garage with 600,000 square feet of commercial office space, 60,000 square-feet of street-level retail space, a hotel with approximately 150 rooms and about 150 residential units. Source: Stamford Advocate less

The Stamford train station would replace the existing 1985 parking garage with 600,000 square feet of commercial office space, 60,000 square-feet of street-level retail space, a hotel with approximately 150 ... more

Photo: Contributed Photo

Image 33 of 39 |
Glenbrook's Village Commercial District in Stamford

The village commercial district near Glenbrook Road and Crescent Street will expand to include multi-family homes with retail space. Source: Stamford Advocate

The village commercial district near Glenbrook Road and Crescent Street will expand to include multi-family homes with retail space.
Source: Stamford Advocate

Photo: / The Advocate /Contributed

Image 34 of 39 |
Urban Ready Living in Stamford

Artist's rendering of the proposed Urban Ready Living development planned for the site of the city's "hole in the ground" near the corner of Tresser Boulevard and Greyrock Place in Stamford.

Developer John Guedes is turning the former Spongex building in Shelton into 47 loft-style residential units.Source: ctpost.com

Developer John Guedes is turning the former Spongex building in Shelton into 47 loft-style residential units.
Source: ctpost.com

Photo: Ned Gerard

Image 36 of 39 |
Corbin Drive in Darien

Baywater Associates plans to develop parts of Downtown Darien and build new apartment buildings, as well as retail and office space. Source: Darien News

Baywater Associates plans to develop parts of Downtown Darien and build new apartment buildings, as well as retail and office space.
Source: Darien News

Photo: Contributed Photo

Image 37 of 39 |
Wall Street Place in Norwalk

Citibank Wall Street Place, a $45 million mixed-use development project, is under construction on Isaac Street in Norwalk. Source: The Hour

Citibank Wall Street Place, a $45 million mixed-use development project, is under construction on Isaac Street in Norwalk. Source: The Hour

Image 38 of 39 |
Head of the Harbor South in Norwalk

Developer M.F. DiScala & Co. is currently building apartments and a public riverfront boardwalk as part of public infrastructure improvements for Head of the Harbor South. Source: The Hour

Developer M.F. DiScala & Co. is currently building apartments and a public riverfront boardwalk as part of public infrastructure improvements for Head of the Harbor South.
Source: The Hour

Photo: Erik Trautmann / Hearst Connecticut Media

Image 39 of 39 |
Merritt Village in New Canaan

The proposed Merritt Village apartments in downtown New Canaan consist of four 3.5-story buildings with up to 110 residential units.Source: New Canaan News

The proposed Merritt Village apartments in downtown New Canaan consist of four 3.5-story buildings with up to 110 residential units.
Source: New Canaan News

Photo: Contributed Photo / Hearst Connecticut Media

BLT-owned Stamford office complex awaits transformation

1 / 39

Back to Gallery

STAMFORD — The sand-colored colossus stands quietly in the South End next to Kosciuszko Park.

It looks out on the bustle of the restaurant row and chain of apartment buildings in the Harbor Point development a few blocks away, but few visitors venture to the columned edifice at 1 Elmcroft Road. Only a few cars take up spaces in its parking garage.

Two years after Harbor Point developer Building and Land Technology bought the approximately 470,000-square-foot office complex that was technology firm Pitney Bowes’ headquarters, the building known as Silicon Harbor sits nearly empty. As the second-largest office vacancy in the city, it has yet to fulfill BLT’s vision of becoming a technology hub. But in a sluggish leasing market neither BLT officials nor real estate experts are particularly surprised nor worried about its predicament.

“I’m sure the owners would have liked to have leased it sooner, but you have to get your arms around repositioning it, re-tenanting it and going in the right direction with it,” said James Ritman, Stamford-based executive vice president of commercial real estate firm Newmark Knight Frank. “The whole program is relatively new.”

Becoming Silicon Harbor

BLT acquired the building in July 2015 for $38.5 million, after Pitney Bowes had moved its headquarters to a smaller base at 3001 Summer St. Pitney had been based at 1 Elmcroft from 1986 to 2014.

The Stamford-based BLT already ranked as a dominant developer in the city and the largest in the South End. Since building work began in 2009 on its mixed-use Harbor Point, BLT has constructed more than 2,300 apartments there and a busy corridor of restaurants and stores. It plans to build another 2,400 units as part of the waterfront project.

It also owns three other office buildings in the South End at 333 Ludlow St., 2200 Atlantic St. and 100 Washington Blvd.

“The reason we bought the building was because knew it was a great, high-quality asset,” Ted Ferrarone, BLT’s chief operating officer, said in an interview last week. “Historically it has been a little isolated. But as we build out more of Harbor Point, we think it would ultimately become more central and attached to all of the development.”

With the purchase of the I.M. Pei & Partners-designed building, BLT would take on its second vacant property that formerly housed a major corporation. It acquired in 2012 a nearly 600,000-square-foot downtown complex, soon to be known as the BLT Financial Centre — which had served as the headquarters for reinsurer Gen Re before its move about seven years ago to Long Ridge Road.

“This was a smart buy at the right time at an incredibly low-basis number,” said Christian Bangert, executive vice president of Stamford commercial real estate firm Rhys, speaking of the Pitney Bowes building. “This was a way for them to get another huge asset in the South End. It was a strategic play. They have plenty of time and resources.”

BLT renamed the building Silicon Harbor, a nod to Silicon Valley that epitomized its goal of attracting technology firms. It would also make a number of improvements, including taking out some interior walls to take advantage of the building’s large floor plates.

“Our transformation of this phenomenal property into Silicon Harbor is a response to the drivers of demand in today’s office market,” Carl Kuehner III, BLT’s CEO, said in January 2016. “Technology and creative tenants are driving office space absorption nationwide, and if we want Stamford and Fairfield County to benefit from that trend we need to offer the space they want.”

Such firms continue to build their presence in the city. Job-search giant Indeed announced last month it would add 500 jobs in the coming years. The sector’s growth has not yet translated into tenants at Silicon Harbor - only BLT’s own offices are now based there — but a number of local leaders think it has the potential to attract such occupants.

“It needs some kind of entrepreneurial ecosystem to get it going,” said Janis Collins, co-founder of the Westport-based business accelerator program The Refinery. “Those startups would generate jobs and revenue from people who would work there, eat there and live around there.”

Leasing prospects

Like other landlords, BLT grapples with a leasing market that still has not fully recovered from the last recession. Citywide vacancy rates are running at more than 25 percent, according to a number of real-estate firms’ latest counts.

“I’m not surprised it’s still vacant,” Bangert said. “It’s a very big building. A lot of prospective tenants want to see other businesses in the building. They might be skeptical or wary of being the first into it.”

The progress of the BLT Financial Centre, which now operates about half-full, offers a reference point for Silicon Harbor. Professional-services firm Deloitte moved into about 120,000 square feet in November 2014. This summer has brought the two latest arrivals: Consumer-goods firm Henkel moved its North American headquarters into about 155,000 square feet, while professional-services firm RSM took about 29,000 square feet.

Silicon Harbor’s predicament also parallels that of 677 Washington Blvd., an approximately 700,000-square-foot complex that stands as the city’s largest vacant office property. It formerly housed the Stamford operations of banking giant UBS, which last year moved across the street into a smaller setup at 600 Washington Blvd.

“I think Silicon Harbor and 677 Washington are competitive in the sense that they both have large blocks of space, but the buildings are very different,” Ritman said. “677 Washington is a more traditional office building and might attract a more traditional office user. Silicon Harbor offers more of an environment that younger, growing tech companies would imagine as their workplace.”

BLT officials said they remain confident they can attract tenants, although they have not set deadlines.

“There’s no way to say what would be the hard timing; we’re just looking for the right tenants,” Ferrarone said. “We’re a long-term property holder in Stamford, including the South End with Harbor Point. We’re committed.”